How to deal with late rent payment | Forum

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Hi,

I am now over 2 years into my property journey and so far have not had any problems with late rent. When vetting new tenants I stipulate that they need to set up a standing order so payment is made on the correct day each month. That has been fine so far and I have some great tenants.

However I have a tenant that hasn't set up a standing order and pays it manually. A couple of months ago the rent was not paid in on the correct day so I asked about this and they said the reason it is paid this way is because he has to sign it off as it's paid through his company account. I accepted this and all has been fine until this month. Again no payment. I have chased this up and he has said that the bank have put his account on hold due to a fraud case and he has asked them to pay it asap. Alarm bells are ringing. Call me cynical but not sure this is the truth!?

So my question is how do you think I should proceed? What would you do in this situation? I don't want to go in too heavy handed as it might be the truth but then again I don't want to let it drag on. It is only 1 day overdue but I think it's important to make it clear that the rent needs to be payed on time and not set a president where I am getting excuses each month.

Any advice would be much appreciated :-)

Kind Regards,

Ben
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